Europe’s biggest cement maker is no longer selling its business in the Philippines and will instead expand the capacity of its production plants in Luzon and Mindanao.
Following the failed takeover bid of San Miguel Corp., Holcim Philippines is now focusing its efforts on further growing its business.
“We are no longer in the sales process and we’re very excited about the future working with one of the largest and most successful companies in the building material sector and we’re happy to remain part of the [Lafarge] group,” Holcim Philippines president John Stull said during the company’s virtual stockholders meeting.
“We will grow with the company and the country,” he added.
San Miguel ditched plans to acquire Holcim Philippines after failing to get the Philippine Competition Commission’s nod.
Holcim Philippines chairman Tomas Alcantara is confident the company will survive the impact of coronavirus given its strong financial position and the completion of capacity expansion projects.
Source: Peso Economics
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